HSBC has reportedly confirmed that it will close 19 more branches in the UK by the middle of September this year.
The lender explained that the move was prompted by the increasing inclination of customers towards mobile and online banking, which has reduced the demand of physical branches; subsequently it is trimming its branch network.
Go deeper with GlobalData
Figures from the Campaign for Community Banking was cited by The Mail on Sunday that over the past ten years HSBC has accounted for nearly 20% of all branch closures.
A statement by HSBC was cited in the news portal, "Our branches are an important way for our customers to bank with us, especially for their more complex financial needs. So we have spent over £100 million in recent years upgrading and improving our network."
‘But our customers’ habits are changing, they are increasingly using the convenience of the internet, smart phone or telephone banking for their day to day needs."
In this year itself, HSBC has already closed 27 bank offices, bringing its network down to 1,117.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBesides HSBC, Barclays is shutting 24 branches by the end of September, bringing its closures this year to 53, while Royal Bank of Scotland is closing 100 branches from its network, 73 of which are NatWest, according to The Mail on Sunday.
